DOWNERS GROVE, Ill., Aug. 7, 2020 /PRNewswire/ -- Roadrunner Transportation Systems, Inc. ("Roadrunner" or the "company") (Pink: RRTS) announced today that the spin-off of its Ascent Global Logistics business has been completed. The spin-off creates two independent companies: Roadrunner Transportation Systems, Inc. - a national less-than-truckload (LTL) carrier - and Ascent Global Logistics, Inc. ("Ascent") - a diversified global logistics provider.
Roadrunner and Ascent Executive Chairman Chris Jamroz said, "The completion of the spin-off of our Ascent Global Logistics business positions us to be entirely focused on the success of our Roadrunner Freight national less-than-truckload network. We also believe Ascent will thrive as a standalone logistics platform. Thank you to both the Ascent and Roadrunner teams who worked hard to complete this transaction."
The spin-off was effected by way of a pro rata distribution (the "Distribution") on August 7, 2020 (the "Distribution Date") of all of the issued and outstanding shares of Ascent common stock to the stockholders of record of Roadrunner as of the close of business on July 31, 2020, the record date for the Distribution (the "Record Date"). Each Roadrunner stockholder of record is receiving one share of Ascent common stock, $0.01 par value, for every one share of Roadrunner common stock, $0.01 par value, held by such stockholder as of the close of business on the Record Date. Fractional shares of Ascent were not distributed.
Roadrunner common stock will continue to trade on the Pink Open Market under the trading symbol "RRTS." There will be no trading market for Ascent common stock, and such shares are subject to significant transfer restrictions. An Information Statement, which contains additional information about the transactions, including a detailed description of the transfer restrictions, is being furnished to registered stockholders of Roadrunner as of the Record Date and is being posted to the company's website.
About Roadrunner Transportation Systems, Inc.
Roadrunner Transportation Systems is a leading less-than-truckload provider offering high quality, reliable LTL services under the Roadrunner Freight® brand. Roadrunner's "Ship It Like You Own It" commitment guides the company to provide unparalleled service and reliable LTL solutions for customers. With 31 service centers and strategic partnerships across the country, Roadrunner delivers expansive long haul, regional and next day service in all major US markets. For more information, please visit www.rrts.com.
About Ascent Global Logistics, Inc.
As a leading transportation and supply chain solutions provider, Ascent Global Logistics focuses on uncomplicating logistics. Through its Domestic, International and On-Demand offerings, Ascent helps its clients simplify supply chain management by providing customized solutions, premium customer service and state-of-the-art technology. For more information, please visit the Ascent Global Logistics website, www.ascentgl.com.
Safe Harbor Statement
This press release may contain forward-looking statements and information relating to, among other things, Roadrunner, Ascent, their respective business plans and strategies, their respective industries and other future events. These statements are often, but not always, made through the use of words or phrases such as "may," "will," "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "believe," "intend," "predict," "potential," "opportunity," and similar words or phrases or the negatives of these words or phrases. These forward-looking statements are based on Roadrunner and Ascent's current assumptions, expectations, and beliefs and are subject to substantial risks, estimates, assumptions, uncertainties and changes in circumstances that may cause Roadrunner or Ascent's actual results, performance, initiatives, or achievements, to differ materially from those expressed or implied in any forward-looking statement. Because the risks, estimates, assumptions and uncertainties referred to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date hereof, and, except as required by law, neither Roadrunner nor Ascent assumes any obligation and does not intend to update any forward-looking statement to reflect events or circumstances after the date hereof except as required by law. For a full discussion of risks and uncertainties, see the section entitled "Risk Factors" in Roadrunner's Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission, and the section entitled "Risk Factors" in the Information Statement.
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SOURCE Roadrunner Transportation Systems